Title
Resolution Making Certain Findings With Respect to, and Ratifying the Filing by the Finance Director of an Application With The North Carolina Local Government Commission for Approval of, the Issuance and Private Sale of City of Greensboro, North Carolina Combined Enterprise System Revenue Refunding Bonds, Series 2014A, and Requesting the Local Government Commission to Approve the Financing Team in Connection Therewith
Body
Department: Financial & Administrative Services
Council District: n/a
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Richard Lusk, Finance Director, ext. 2077
Contact 2 and Phone: Marlene Druga, Deputy Finance Director, ext. 2077
PURPOSE:
The City proposes to issue up to $71.5 million in Water & Sewer Revenue Refunding Bonds on July 31, 2014 to refinance variable rate bonds issued from 1998 through 2009, with a projected debt service savings of $800,000 or more. The first step in the process to issue these bonds requires City Council approval of the attached resolution making certain findings with respect to, and ratifying the filing of an application with the N.C. Local Government Commission (LGC) for approval of, the issuance of the bonds.
BACKGROUND:
The City Council is requested to authorize the refinancing of all of the $70.29 million outstanding maturities of the Series 1998B, 2001B, 2003B, 2005B, 2007B and 2009B Combined Enterprise System (Water & Sewer) Variable Rate Revenue Bonds on June 3, 2014, from proceeds of the proposed Series 2014A Revenue Refunding Bonds. The City has determined that it is advantageous to issue a new series of variable rate revenue bonds for the purpose of refinancing all of the $70.29 million outstanding variable rate bonds (approx. 25% of outstanding Water and Sewer Revenue Bonds). The City proposes to begin procedures for the issuance of revenue refunding bonds at this time. Subsequently, on June 17, 2014, the City Council will consider authorization of a bond ...
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